U.S. prosecutors on Thursday announced they indicted Peter Amrein, a Swiss asset manager, on charges that he assisted U.S. taxpayers in evading millions in taxes by hiding money in offshore trusts at multiple Swiss banks. Prosecutors accuse Amrein, who worked at an unidentified asset management firm, of working with Edgar Paltzer,… – Continue reading
It is becoming increasingly dangerous to maintain secret offshore accounts. The Department of Justice and the Internal Revenue Service have been engaged in an aggressive program to identify unreported offshore accounts. Kathy Keneally, Assistant Attorney General for Tax recently told tax lawyers at a Phoenix conference that the U.S. government… – Continue reading
One in three senior bank executives believes their institution has poor anti-money laundering controls at a time when the threat of vast regulatory fines and criminal prosecutions is increasing, according to a KPMG survey. The annual survey, which quizzed 317 anti-money laundering and compliance professionals in banks and financial institutions across 48… – Continue reading
The US Department of Justice (DOJ) has received 106 requests from Swiss credit institutions willing to participate in its tax regularization program, which aims to put an end to attempts by US taxpayers to conceal their wealth in Switzerland. The figure corresponds to one-third of all banks in the Confederation…. – Continue reading
About a third of Swiss banks have applied for amnesty from the U.S. for helping Americans cheat the Internal Revenue Service, the top U.S. federal tax prosecutor said. The U.S. government gave more than 300 Swiss banks until Dec. 31 to seek non-prosecution agreements if they had “reason to believe”… – Continue reading
An arrested Vatican prelate is now facing new money laundering charges. Monsignor Nunzio Scarano and two other people were served with warrants, suspected of money laundering in an attempted plot to smuggle 20 million euros from Switzerland into Italy and launder it through the Vatican Bank. Allegedly, these were “false… – Continue reading
